Financial sector stocks: this year, China's steel exports reached a record level of more than 100 million tons, indicating that China relies on global sales to help to absorb excess capacity.
From steel to aluminium, Chinese exports of processed raw materials rising, helping to drive commodity prices down to the lowest level in nearly a decade, pushing shares in miners and steel producers around the world.The weaker Yuan could even help China to expand exports. Yesterday, the Bank of China (PBoC) mid-point exchange rate down to its lowest level in 2011, lead fell to a four-year low. Data show that 11 months of this year, China's steel exports increased 22%, to 101.7 million tons. Yesterday, the Chinese Finance Ministry said will cut the export tariff on steel billets from 25% to 20%.
